‘Life goes on for Argentina despite vulture funds' extorsion’

In the aftermath of US Judge Griesa’s decision to reject a new Argentine request for a stay, ordering the government to reach a settlement with holdout hedge funds, Cabinet Chief Jorge Capitanich said that “despite the extorsion of a tiny group of speculators […] Argentina keeps on moving” and praised the government’s economic stimulus policies. “Life goes on for Argentina,” he stated.

“We have coexisted with this problem and judicial actions all these time,” the Kirchnerite official said referring to Argentina’s debt restructuring process in the past decade. “They are part of the strategy of a tiny group of creditors that is not willing to negotiate. But life goes on for Argentina”.

“Vulture funds buy allegiances in the US Congress, the Argentine Congress, everywhere, and they lie,” he said and explained they do so with “large amounts of money gained by purchasing bonds at a vile price”. Capitanich also rejected the forecasts of local concentrated powers who predict an ominous future for the country.

Speaking at his daily press briefing at Government House, the official reiterated yesterday’s Economy Minister Axel Kicillof’s comments on Griesa’s decision: “Finally, after a two-hour hearing, the judge has not solved anything at all,” he said.

He insisted once again on Argentina’s willingness to negotiate and to honour its commitments. “Default is not paying and Argentina pays. The money deposited [by the government] cannot be blocked because it belongs to restructured bondholders. The Judge must let its legitimate owners receive payment,” he stated.

“Despite the extortion of a tiny groups of creditors and all the actions the vulture funds encourage, Argentina keeps on moving, and it will continue to, because of the economic stimulus,” he said, while praising the government’s subsidies scheme.